KARACHI – Mr. Zakaria Usman, President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) applauded the efforts of the Prime Minister Nawaz Sharif and the Finance Minister Ishaque Dar who took and implemented concrete measures to improve rupee/dollar parity and brought down it to Rs.99.
He said that the Finance Minister had given assurance to take measures to arrest the free-fall of rupee against dollar and now he has curbed the rupee/dollar parity.
He further said that Pakistan economy is heavily dependent on imports, what ever the gains on exports and remittances are washed away by the cost of imports due to rupee devaluation. He emphasized on strengthen exchange rate and said that the financial experts manage sustainable exchange rate, the prices of oil-based products especially the cost of transportation and power generation would come down to an affordable level. He also stated that ultimately the cost of doing business will become down and our products will become competitive in international markets. Mr. Zakaria Usman hoped that trickle down effect of rupee appreciation should be visible in term of low prices for poor segment.
President FPCCI further stated that depreciation of Pakistan rupee against US dollar since the beginning of 2008 has nearly stopped economic growth in all major spheres of the economy. The national economy reduced to 2 percent growth from the peak of 7 percent in past few years which resulted high poverty level, slow down in industrial growth and as consequence closure of many industries and deteriorating law and order situation.
The President FPCCI further said that for the time being some of exporters will suffer loss in terms of appreciation of Pak rupee but over all impact on the economy would be pleasant.